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ACCC To Probe Murdoch Bid For Ten

The Australian Competition and Consumer Commission has set up an inquiry into the bid by Lachlan Murdoch, pictured, and Bruce Gordon to take over the Ten Network, whose parent body collapsed last month.

Gordo and Murdoch, son of Rupert and News Corp co-chair, have put their shareholdings into a 22 percent bloc as they seek to set up a financial restructure of Ten.

Ten was placed in voluntary administration on June 14 after Murdoch, Gordon and James Packer warned against the company drawing any more funds against a $200 million Commonwealth Bank loan facility.

Packer, Murdoch and Gordon have reportedly put up $30 million in immediate funding to keep Ten operating until it is sold.

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